Intelsat Global Holdings SA, the world’s largest satellite services business, raised $347.8 million in its U.S. initial public offering, pricing a decreased number of shares below the proposed range.

Intelsat sold 19.3 million shares for $18 each, according to data compiled by Bloomberg, after offering 21.7 million shares for $21 to $25 apiece. The stock will start trading Thursday, listed on the New York Stock Exchange under the symbol I. At the offering price, the company has a market value of about $1.89 billion.

A group of private-equity funds led by BC Partners Ltd. and Silver Lake Management LLC acquired Intelsat in 2008 buyout that valued the satellite operator’s equity at about $5 billion. Neither firm is offering shares in the IPO, regulatory filings show. Intelsat will use proceeds from the offering to repay debt.

The company generated $2.61 billion in revenue in 2012, a less than 1 percent gain from the year-earlier period.

Intelsat’s communications network includes more than 50 satellites that cover more than 99 percent of the world’s populated areas, the filings show.

The Luxembourg-based company, led by Chief Executive Officer David McGlade, filed to raise $1.75 billion last May.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. led the offering.